Turkish citizenship has turned into a basic tool to encourage foreign investment, support employment policies and economic plans in Turkey, and regulations have been developed regarding obtaining citizenship through investment. With the publication of Presidential Decree No. 106 in the Official Gazette on 19.09.2018, previous investment applications were reduced and applications for Turkish citizenship were facilitated.
Obtaining Turkish citizenship by investment
With the amendment made to Presidential Decree No. 418 published in the Official Gazette on 07.12.2018, foreign investors can obtain Turkish citizenship by purchasing real estate with a minimum of $ 250,000, to open the way for businessmen and investors to apply for Turkish citizenship.
Through Presidential Decree No. 106 published in the Official Gazette on 19.09.2018 and Presidential Decree No. 418 published in the Official Gazette on 7.12.
A) According to the specifications of the Ministry of Industry and Technology, the foreigner must invest a fixed capital of not less than 500,000 US dollars or the equivalent in foreign currencies or Turkish lira [this amount was at least 2,000,000 US dollars before the change].
B) Buying a property with an amount of no less than 250,000 USD or its equivalent in foreign currencies or Turkish lira, provided that it is not sold for three (3) years in the title deed records [This amount was at least $ 1,000,000 before the change. ].
C) By the decision of the Ministry of Family, Labor and Social Services, a foreigner can obtain Turkish citizenship if it creates job opportunities for at least 50 people [at least 100 employees before the change].
D) Cash deposit of an amount of not less than 500,000 US dollars or its equivalent in foreign currency or Turkish lira [change before this amount of no less than 3,000,000 US dollars], provided that the amount is retained for three (3) years in the depository banks operating in Turkey .
F) Owning a stake of not less than 500,000 US dollars or its equivalent in foreign currency or Turkish lira in a real estate investment fund or participating in a venture capital investment fund [it was at least 1,500,000 US dollars before the change] for a period of three (3) years at least.
The process that must be followed in obtaining Turkish citizenship through investment
Acquiring Turkish citizenship through investment consists of the following three (3) stages:
(1) Satisfying one of the investment conditions specified in Article 20 of the Regulations, which includes obtaining a certificate of conformity from the relevant institution.
(2) Obtaining a short-term residence permit in accordance with sub-paragraph (j) of the first paragraph of Article 31 of Law No. 6458.
(3) Apply to the immigration department in the state in which you reside to obtain Turkish citizenship by investment.
Documents required for the certificate of conformity:
• Investment Information Form.
• Information about the investing company.
• The subject of the investment transferred to the company’s equity.
• Investor’s share in fixed capital investment.
• A notarized Turkish translation of the passport, provided that it is valid.
Four (4) personal photos.
• A copy of the residency.
• A special purpose report approved by a certified public accountant, stating that at least 500,000 US dollars or the equivalent in foreign currencies or the equivalent in Turkish lira have been deposited as fixed capital.
• If the fixed capital investment underlying the request is made by a legal entity, the commercial registry prospectus explains the shareholding structure and amount of capital for the legal entity that is investing the said fixed capital.
Acquiring Turkish citizenship
As we mentioned briefly above, before the amendments to Presidential Decree No. 418 published in the Official Gazette on 07.12.2018, most foreigners were only able to purchase real estate with fixed and completed ownership. However, with the new changes, it became possible for foreigners to apply for Turkish citizenship, provided that their immovable property in ongoing construction projects meets the following conditions:
• The ownership of a floor or a ground easement (the right of ownership for a building whose construction has not yet been completed) must be established on the property.
• At least 250,000 US dollars or its equivalent in foreign currency or Turkish lira must be deposited in advance.
• A promise to sell the contract must be made from a notary public in relation to the immovable property.
• This contract must be explained in the Land Registry with a commitment that it cannot be transferred to a third party or canceled from the Land Registry for a period of three (3) years.
What are the procedures for obtaining Turkish citizenship through investment?
The following is a summary of the necessary legal procedures in order to grant Turkish citizenship to foreign real estate investors:
Obtaining Turkish citizenship by investment takes place through the following stages:
The investor must evaluate the property to be purchased, and this evaluation is done by reliable companies dedicated to granting Turkish citizenship. There are two conditions for evaluation:
- The price of the property to be evaluated should be more than a quarter of a million dollars.
- The evaluation period is 3 months only.
It is worth noting that the evaluation companies give the evaluation after approximately 3 days.
• Tapu document
The Tabu document that is extracted from the Tabu Department in the state in which you reside with the tax number from the necessary papers between the papers that are checked between Turkish citizenship
• Submit documents to immigration departments
After preparing all the necessary papers and documents necessary for the Turkish citizenship file, they are handed over to the competent employee in the Turkish Immigration Department, and the papers will be transferred after a short period to the main center of the Immigration Directorate in Ankara.